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tv   Bloomberg Bottom Line  Bloomberg  August 14, 2014 2:00pm-3:01pm EDT

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>> from bloomberg world headquarters in new york, i'm mark crumpton and this is bottom line my the intersection of business and economics with a main street restrictive. today, a cease-fire deal between israel and, spain is extended -- and hamas is extended. and we cover atlantic city. and we look at how the heat shield will protect nasa's mars castle. -- capsule. to our viewers here in the united states and to those of you joining us from around the world, welcome. we have full coverage of the stocks and stories making headlines today. trish regan has specialized
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coverage -- atlantic city, lights out. su keenan examples -- examines the global turmoil in the debate on gold. on the impact of the war israeli tourism season. in a moment, but first, a five day extension of the cease-fire appears to be holding. indirect associations are underway in cairo between israel and major palestinian factions,, spain -- but visitors are avoiding israel by the thousands. the conflict is coming at the peak of the tourist season and having a devastating impact on one of israel's major industries. >> as indirect negotiations continue between israel and hamas, and the alleyways and oneet stalls in jerusalem,
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part of the gaza conflict is beyond dispute. resume here has been devastated. >> how many customers do you have at the moment? >> at the moment, zero. >> none will stop >> my guide runs a small touring company for those visiting jerusalem him near and far. during in better times, his clientele ranges from day tripping israeli couples to large groups from china. us --someone is calling and i >> tourism trade is one of israel's largest economic drivers. >> we are talking about close to 4 million tourists coming to israel. we have an income of $6 billion a year. which is very important for a country like us. year, instead of the 4 million visitors to israel that operators expected, it has protected that number will fall to 2.8 million, with far-reaching effects. >> airlines have been affected, buses, transportation,
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guides, restaurant, taxi drivers, travel agents -- almost everybody will be affected somehow. >> but in jerusalem's historic forer, they bell tolls businesses that belong to both israelis and palestinians. >> normally at this time of year you would have people everywhere. >> everywhere, especially in the market. >> while israeli citizens demand answers from the political leaders, many israeli workers require assurances from their bosses. >> i have to show my employees that they are working in a good place and i can provide them salaries and jobs. i don't tell them, go home, you don't have to work. >> israel's government has compensate businesses that have suffered lost because of the conflict. but any loss of income is nothing compared to the loss of life. >> we need a proposal here. there are people suffering a lot more than us. if we could have few months of
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quiet, we could manage. we can manage. my colleague willem marx joins us live from jerusalem. what is the government doing to support the tourism industry there, given the difficult circumstances for businesses right now? >> industry representatives say they have been talking to the ministry of tourism, the minister of finance here. the number they have thrown around as around $40 million in compensation payments. that will be very difficult, given that in terms of gdp there'll be a loss of about 1 -- $1.5 billion. how will they claim that money? some will have to prove they have lost 20% or more between july and october of this year. sometimes hear calls for a boycott of israeli goods during conflicts like this one. have we heard of anything similar in the tourism sector?
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>> not really. you have to bear in mind that although they were hoping for 4 million people this year, they will still get 2.8 million. that means a lot of people are coming to a country of 7 million inhabitants. the tourists -- the tourists i've met here in jerusalem and tel aviv, most of them have said it has not impacted their travel plans. it's more around security rather than any boycott movement. >> willem marx, thank you. he will be joining us tomorrow on bottom line and continuing his reporting from tel aviv. >> opening statements began today in a case that is being watched closely in the financial world. arrow bank is being sued in connection with terrorist attacks carried out by half -- arab bank is being sued in connection with terrorist attacks carried out by hamas. why is the bank facing this lawsuit? >> there are victims of the attacks that are basically alleging that the bank is responsible for what happened to them because they allegedly
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provided financial services to groups that orchestrated the .ttacks, such as hamas and to groups that administer payments to the suicide bombers and the families of suicide bombers. >> investment store context. was it a bus bombing that happened years ago? >> in this particular trial, 24 2001-04happened between during a wave of increased violence. there are bus bombings, attacks sbarro, other populated areas where dozens of people were hurt or killed. >> what is the bank's defense? >> the bank is claiming that it is a bank and doing what it can to check its customers, and that it is limited by the data it has and the list that governments provide to check against. it is saying, hey, we did everything we could. not everyone who is alleged to
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be a terrorist in this case was on any of the lists. what can we do if we don't know they are on a list? terrorism networks by their very nature are very shadowy. the bank is alleging, these people were not in phone books. how do we know how to check for them? >> what happens if the jury should find in favor of the plaintiff? trial, it particular is only a liability trial, meaning no damages will be assessed. but if the let -- if the bank is found liable, there could be another proceeding were damages might be determined and that could easily be in the millions of dollars. >> who are the plaintiffs in --s case specifically ask a specifically? how is it they can sue over attacks that happen in the middle east and take that action here in a court in the u.s.? >> under u.s. law, the law that is being used in the case, people who are american citizens and victims of terrorism abroad can sue the people who are responsible for those actions. and many people in israel have
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both israeli and u.s. citizenship. a lot of people involved in these attacks have both, or they were u.s. citizens who happen to be in israel. that is what this trial is focused on. those kinds of clients. >> before you came on, you and i were speaking about this and it is interesting about jury selection in the jury pool. this is not an easy case to follow. it is very complicated. set aside litigious nature of .his a lot of banking information, probably a lot of spreadsheets and stuff like that -- any sense on how the jury is taking to these arguments? just had opening statements this morning. the jury seemed interested. no one was falling asleep. the lawyers definitely kept it interesting. jurors do occasionally fall asleep. watch out for that. but we all know who is saying -- paying close attention to this, the bank. why such a cause for concern for them? >> well, there's only so much
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you can do to check what is going on and to see who your customers are. ofhave many trillions dollars of transactions going through the banking system all the time. they cannot be googling or investigating every single customer. >> sure. bloomberg's christie's might -- christie might covering this. coming up next, president obama gives an update on developments in iraq. we will have that -- details from the white house went "bottom line" continues. ♪
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>> welcome back. positive signs are finally emerging from iraq today. just hours ago, president obama spoke about the situation on the ground there. bloomberg white house correspondent phil mattingly joins us now. how much more american involvement will there be in a rock? -- howe had ash in iraq
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much more market involvement will there be in iraq? >> there has been an incredible turnaround. just hours ago they were prepping for a rescue mission. now listen to what the president said today. but the bottom line is, the situation on the mound has greatly improved and americans should be very proud of our efforts. because of the skill and professionalism of our military and the generosity of our people, we broke the isil siege reached sinjar and we those who were vulnerable and got them to safety and saved many lives. >> those who were sent there to assess the situation will actually be leaving in the days ahead. he did say airstrikes are likely to continue, and that is where you will see the focus of u.s. efforts in the weeks ahead as well, between airstrikes and trying to push back the islamic state, and on the political side of things in baghdad. >> what are the next steps forward for the united states?
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>> the main focus is on the underlying issue, one administration officials have been pointing to the beginning of this entire issue, that is, in baghdad, trying to get the new prime minister designate, hyder autobody -- haider al-abadi set up. over has been concern whether maliki will try to undercut that process. they need the prime minister and a coalition government in place in baghdad. that is where you will see the primary focus of u.s. officials going in the days ahead. >> phil mattingly joining us live. tonight on charlie rose, charlie talks with brett mcguirk, u.s. deputy assistant secretary for iran. here he talks about forces. equipped, better better man, better resources, better fighters, better trained
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than the al qaeda in iraq that our forces face. and if you accept that assumption, which we do, and you look at the capacity of iraqi security forces, or locally based security network such as tribal networks, there is a gap that will have to be filled. it is a tremendous challenge. the entireto interview on charlie rose tonight at 8:00 and 10:00 new york time right here on bloomberg television. coming up, the impact of geopolitical conflict on gold. the ceo of royal gold will weigh in on where he thinks gold prices are headed. we will be right back. ♪
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collects the latest global
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turmoil has fired up a whole new debate over the direction of gold. the world gold council says physical demand from china and india is plummeting. royal gold, the company that acquires and manages gold mining royalties just saw its stock hit new highs for the year, up at her than 75%. gold's ceo is royal and president and joins me from denver, along with su keenan. welcome to "bottom line," and thank you for your time today. >> good to be with you. >> talk to us about the confluence of events right now. where do you see prices going echo -- going? >> anytime you have geopolitical strife, there is often a reaction more people come back to gold as a safe haven. we have seen it time and time again. that, let's all hope and pray it is a temporary type of thing. we don't really look forward to
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geopolitical strife underpinning the gold prices. it's more a macroeconomic viewpoint for royal gold. >> one of the reasons we were interested in having you on, tony, is because your company is a bit unique in and there are a number of sites that are not investing in gold. you go a step further and say, invest with us because we invest in the gold mining right. how is that i and that niche? advantage? >> instead of taking principal back like a banquet, we take a percentage -- like a bank would, we take a percentage of production. it is basically our royalty production from the mind. we do not get involved in any of the copper -- the operating costs or inflation. tois a very efficient way
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hold gold and still get upside to the projects as they expand. from just efficient holding gold alone. >> let's talk about your infrastructure. you have 187 gold related properties on six different continents in any number of countries. there are analysts that say thating yourself this way you are positioning for the upside, but also exposing yourself to the traditional volatility. how do you respond to that? >> we have 36 different properties that are producing revenue for us. that is a high level of diversification. probably more revenue and more different assets providing revenue than most major mining companies. it is nice to have that level of diversification and it lowers the risk of -- the risk to our shareholders. we have one in british columbia that is our largest investment. we put just short of $800 million into that investment and now it is coming on very strong.
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it will be a larger piece of our portfolio. as we go forward, we will continue to add new pieces of business to maintain a high level of diversification. we will continue to amortize down. >> we are speaking the tony jensen, the president of royal gold. he is joining me with my colleague, su keenan, here in new york. gold has gained almost 9.5% this year. that gain andut how the uneven economic recovery is playing a role in that. about three years since gold hit its highest point in september. i think we were just a little over $1900 an ounce. gold has actually retreated about $600 an ounce since that time. over the last 12 months, the market has found a lot of stability right around $1250 of to $1300 an ounce. anything lower than that price is pretty difficult for a lot of the myers to continue to operate. the stability here makes sense.
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and continuerward to see a rather soft monetary policy here and other places around the world, i think that is the real impetus and driver for gold in the future. >> let's talk about the driver for your profits at your company. you are a very small staff of 20. you have a market cap of close to $5 billion. some would call your company the smallest, richest royalty from they've never heard of. can you explain what is positioning you in a better place compared to your competitors? what sets you apart? business model is such an efficient business model. we use our engineering, our technical expertise coupled with our financial expertise and decide to invest in the mind. when we invest, we are thinking about it as a long-term investment, because we do stay with it for the life of that asset. investments, they
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get instrument, are rather short-term in nature. we spend our time making sure we understand the underpinnings of the asset, understanding the people that operate that asset, and have confidence in the country, that we will be there for a long time and get our fair return from that project. we spend the time and do our due diligence. that is how we are able to harvest those rewards later, and many years to come. >> speaking of due diligence, talk was about the role fed policy is playing in all of this. last year, we saw gold sliding about 28%. there was some concern from investors. they seem to have lost faith in gold a little but because they did not know the direction the fed was going to go in terms of producing monetary stimulus. what are your thoughts going forward? months,w the last 12 maybe 18 months, there have been a lot of other places evil can put their money rather than the gold market. can put theirple
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money rather than the gold market. and the returns there are very good. at the same time, we saw a retreat in the gold price. where we are today is we continue to be a valuable diversification play for many people in their portfolio. i think this is a good entry point as we continue to build momentum into the future. it has been an area that is almost contrarian in nature. but we see more and more people coming back and showing interest at this price point and the expectation is to move higher. quickly,ut 20 seconds, how about a fed move on interest rates? how will that affect your strategy going forward? >> generally, i think a fed move on interest rates would be negative to the gold price. but again, if the fed is moving up because of concerns over inflation, then the real interest rates could still be negative, and that is where we have been for a long time. negative real interest rates really support the gold price. >> tony jensen, royal gold's
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president and ceo the majority us from denver, along with our bloomberg commodities reporter, su keenan. we are coming up on 26 minutes past the hour. that means bloomberg is on the market. matt miller is standing by. >> i want to get you caught up on where stocks are trading today. take a look at the indexes, up across the board. all day long on optimism that the situation in ukraine will not get out of control and that the bad economic news, the negative economic news this morning will be overshadowed by better news later. a couple of stocks we are watching, ge is in talks with electrolux. this is according to people with knowledge of the matter. the start of quirky is said to revenueering with equity funds, including blackstone. the ge appliance division is expected to sell for at least $2 billion. and we are watching shares of cisco, the network maker cutting 6000 jobs as it forecast little
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to no growth going forward. of nearlygotten rid 26,000 people over the last 5.5 years. we are back on the market in 30 minutes. more "bottom line" on the other side of this break. ♪
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>> welcome back to the second half-hour of "bottom line" on bloomberg television. i'm mark crumpton in new york. thanks for staying with us. over the next three weeks, three new casinos will close their doors in atlantic city, new jersey, costing thousands of jobs. governor chris christie has announced he will convene a bipartisan summit of state and local leaders to address the future of atlantic city. it is a question that the leaders of major casinos have been struggling to answer. here is what mgm and caesar's told trish regan about the crisis. on thisis your take
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right now? >> i'm concerned. x he is -- >> he is the ceo of mgm, which co-owns the regatta. >> we want to make the city comeback. what but do you worry there is saturation in that market? >> i do. we have to be very targeted. we have to remember the lessons learned in the recession and not repeat them, not grab every market just because it happens to be there, not be a glutton for development. >> mgm's rival, caesar's, has an insatiable appetite for building. casinos in built pennsylvania and maryland that will compete with the company's own flagship in atlantic city. >> atlantic city, that is the poster child for why it has been tough, because there has been so much growth regionally. extra part of that. >> it has been obligated problem. in every instance where a state realizes and puts pressure on incumbency, we have to [indiscernible]
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>> a harvard marketing professor argues regional casinos are necessary because they drive this back to his biggest property. >> a lot of locals are loyal to their brand. >> you are a cleveland guest and you've been treated well there am and now you want to go to las vegas. you have two options. you could be a purchaser online, or you could call your cleveland hosts who could engage with his or her colleague here and arrange exactly what you want, the right chicken experience, room type, access. -- the right check in experience, room type, event access. trouble, trump, plaza, the atlantic love, they will all have their doors shut by the end of the year. that will leave eight casinos left in atlantic city. should those remaining operators be worried? >> i would certainly be worried. the reality is, if you are a .asino, you have less of a draw
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think about the difference between atlantic city and las vegas. on the las vegas strip, you have all kinds of casinos. it is basically a battle of the casinos between steve wynn and mgm and shall though adelson -- sheldon adelson. once you move a property like the rebel, which was worth $2.6 billion -- once that is out of commission, once showboat closes, once trump properties closes, you have less of a draw to bring people to this area. >> what is the mayor's take on this? what has he been saying? does he believe this future is bright for atlantic city? >> of course, he's mayor of atlantic city, so we want to tell you the future is very bright. but i think no one is completely convinced they are going to make it through all of this. realist.very much a we spoke with him just yesterday afternoon and he emphasized the
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importance of diversification for this economy. this is an economy that since the 1970's has relied so heavily on gambling. in the 1970's and 1980's, that worked somewhat ok, because you had a monopoly on it here. luck beenard gary talking about this in the piece , youst showed you earlier have the ability as a consumer to gamble pretty much wherever you want. if you don't need to come to atlantic city to gamble, why do you come here? ist is what this community struggling with. they need to find more reasons for tourists to want to come to the seashore and spend their time here. >> you and i were speaking yesterday before street smart. that ancillary effect, if you will, the casinos leaving town, but what does it look like on the outskirts? how is this affecting the rest of the community? >> the rest of the community is really struggling. this is a community that really has not made the investment in
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education that it needed to make. beyond thisyou move boardwalk where we are just a few feet away, and you really see how tough it is in atlantic city. there is a lot of poverty here, a lot of crying. and they have really never done -- a lot of crime. and they have really nubber -- never done enough to address the basic issues that make a community a community. inhout the investment infrastructure, behind-the-scenes of the boardwalk, it's pretty tough. >> who will you be speaking with tonight? >> we have a big show planned for you. a lot of really interesting guests, including donald trump, who by the way, wants his name off of these buildings that he once built. we will be talking to donald trump and to brian koppelman, the writer of the movie ," which of course dealt with atlantic city and poker. the chairman of the
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miss america pageant will be joining me. inhas a storied past here atlantic city, starting a 1920's, as a way to try to give tourists a reason to be here beyond labor day. sam is going to talk to us about the miss america pageant coming up, and its past and future with atlantic city. >> trish regan joining us from atlantic city. she will join us at the top of the hour on "street smart those quote and remember, -- "street that is atremember, 9:00 p.m., the player come on bloomberg television. coming up, we will look at markets and economy. ♪
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>> we have a new development to report in the robin williams story. according to his wife, williams was in the early stages of parkinson's disease. in a snyder revealed it statement. williams committed suicide at 63 years old. it is time now for the latin american report. we are examining what the death of brazilian president eduardo campos means for the economy. he and his aides and two pilots were killed when their stair set -- when their cessna tried to land in bad weather. who was eduardo compos? he was a candidate in this year's elections from the socialist party. he split from the president's coalition last year after the protests that we know so well
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where people took to the streets to complain about installation and corruption and government spending. >> and spending on the world cup as opposed to domestic issues. >> exactly. he split and presented himself as a candidate for change. the two other parties involved, the leftist party and the right -- the they have been rightist party, they have been involved in politics for about 20 years. even though in the polls he showed only 9% support, and was expected that he would grow in a his support as he gained influence on tv. and he also seemed like someone who would come into his own in time. >> if his support in the polls was the single digits, why does his death seem to be resetting everything we heard before? >> it is interesting. we all know this has been a very heated campaign and has had a lot of influence on the markets and where they could go. has lost a lot of
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support. if the party decides to nominate somebody in his place, that is the question. if they don't, then it becomes a runoff. it seems she would have more support over he would and then perhaps she would win. if they decide to nominate someone in his stead, they could go to maria silva, his running mate. and she's not only more cop -- more popular than compos, but even more than the president. and it could become a heated thing between her and doma -- dilma. and then they could go to a second round of elections among which is positive for the markets in that it is not a guaranteed win. a wildcard. >> when will we get clarity on this? the election is in october. >> there's a poll going out today and there should be answers on monday. the party has 10 days to decide whether or not they will
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nominate somebody in his place. he said today they were not -- will not make that decision and to after his burial, which is a few days from now. august 19, which is tuesday, that is when the tv campaigns begin. you don't want to miss that opportunity to have somebody start running. we should know soon. >> we have seen some seesawing in the markets, the reaction following his death. what does it look like now? >> absolutely. yesterday, the news of his death growth -- broke. the markets fell because of shock. then they were up and down. they don't know what to do. this resets everything. they don't know if this will be positive or negative for markets in the long run. it is still to be decided if she is market friendly or not. >> covering this tragic story out of brazil, and the death of theresidential -- of
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candidate for president, eduardo compos. up next, the port authority electric power authority. $600 million in bank loans are due. we will see if this gets worked out. ♪
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>> welcome back to "bottom
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line." the puerto rico electric power authority is the islands main electricity supplier. it faces $9 million in debt -- $9 billion in debt and faces a payment of $600 million in bank loans do today. taylor joins me in studio. let's start with the puerto rico electric power authority and the $600 million line of credit due to two banks today. how likely is it that those bank loans do not get paid? >> the good news is that those lines of credit will likely be extended, hopefully to the beginning of next year, and some reports say maybe march of 2015. if they don't, then there is a restructuring that could be imminent. the good news is, the banks are likely going to extend those lines of credit. only the banks know what is on those numbers. prepa has $9has --
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billion in debt. obviously, that is a big number, but perhaps this could have a ripple effect on the rest of the muni monde barkin -- muni bond market. >> no ripple effect, because this is priced in for the past year. hopefully, if you are in the bond market, you got out ofpre prepa already. there should not be a huge ripple effect on the overall muni market. we have not seen spreads widen out the way we did three years ago when someone said they were billions of dollars in default. >> folks who are holding puerto rico bonds, who are the winners and losers? >> the winners are definitely bondholders would insure debt, wrapped by guarantee. those are trading on $.90 on the dollar. if you have uninsured, those are looking at $.45 on the dollar.
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that are up on the news the lines of credit will most likely be delayed. but still, you need insure debt. >> what about the exposure to the bond insurers? how much do they have? >> the bond insurers, their stock prices are up 5% over the past two days. insured has about $700 million has about, and mbia $1.5 million in exposure. dominik federico had a good point on his last week earnings call when he said that they have $11.5 billion investment portfolio that generates $400 million annually. they saw a total -- if they saw total net loss on prepa, they little me pay $60 million -- they would only pay six seed and -- $16 million.
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>> is a bailout coming echo and if so, what does this mean for the country? >> i don't think there's the political will for a bailout. we are in a congress that cannot make a ton of the decisions. they did not a lot detroit or stockton. bailout detroit or stockton. how do you wrap your arms around puerto rico? we did see a nonvoting member in congress from puerto rico come up with legislation to try to get puerto rico to file under that chapter nine, but that legislation has not gone anywhere. >> we have about a minute left. the electric power company is struggling, but the rest of puerto rico is struggling as well. how are investors taking this? >> it's not good. there's 14% unemployment rate, but investors say the geo-bond, those are up to about $.90 on the dollar. for the ricoh came to the market with a record jump rated deal.
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those are down on the initial price of $.93, but up from a low of $.83. they just released their economic -- activity index, which is our version of gdp, and it was a one year-over-year decline. >> taylor, thanks so much. stay with us. another check of the market movers is on the other side of this. "bottom line" on bloomberg television returns in just a moment. ♪
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fax get that latest headlines at the top of the hour on bloomberg radio and streaming on your .ablet and at that does it for this edition of "online" on bloomberg television. line" on bloomberg television.
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inc. for joining us. >> it is 56 pass them -- the hour. i'm matt miller. looking at a gain of about .3 o zero percent -- .3%. company said lower expenses helped make up for decline in sales. and walmart, the world's largest retailer cut its full-year forecast. walmart has not seen a same-store sales gain in six quarters. that cannot be right. that cannot be right. that must be a typo. for more on the retail sector, i'm joined by the managing director of the resource group. is that right, six quarters in a row? >> that is right, five negative, one flat. >> what is the problem there at walmart? i thought that was the place. i thought walmart and low-cost discount stores were where
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everyone is going. but walmart lost low-price leadership. the shelves are not stocked. they have one page in their playbook, cutting costs, cutting labor. if shoppers cannot find what is on his or her list, they go to dollar stores, go online. worst enemy.s own >> i went to sears last night because i thought i should frequently's brick and mortar stores, or they will disappear. i was looking for a set of torque wrenches. the shelf was empty and no one was around to tell me if there were any in the back. it seems that way across the board. y echo -- why? highly you have accountable management in the case of sears, or people with the highest wealth in the u.s. with the walton family, they don't go to the stores. sam walton flew in on his prop to every single store. >> back in the day, you are saying. >> yes. >> his heirs do not. and now, everybody knows they
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are coming. they are set up. they do not see that doors the way you and i do. third shift, during the week, or any time during the weekend. >> what are the success stories? if these are the failures of retail right now -- and i realize that managers in place to try to turn them around, which we can talk about next quarter or the quarter after. what is doing well in retail right now? >> the four cornerstones is improvement, and third is chain drug, and fourth the leadingd supermarket players like window. >> i got to ask about cosco, because a number of people have mentioned as the winner right now. and industry leaders have said it is the bane of their consist -- their existence because they are such good competitors.
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what is costco doing right that everyone else wants to copy? >> they are doing it right. they are paying their workers much more than walmart workers make. but the real winner is kroger. format,ins in every grocery, discount, pharmacy, and gas. >> and the best everything, including the price. thank you for joining us. always a pleasure to have you. "streetsmarts" is next. ♪ . .
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i amve from atlantic city, trish regan. welcome to the most important hour of the session. 60 minutes until the closing bell. initial jobless claims hitting a six-week high, yet stocks planning to their best level in a month. "street smart" starts now. ok. today, we have a special edition of "street smart." "atlantic city -- lights


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